Dreier associate indicted

Kosta S. Kovachev has been charged as a supporting actor in the Ponzi scheme of Marc Dreier, who has been accused in a $380 million fraud. He apparently aided Dreier by pretending to be the controller of a company, so they could sell bogus promissory notes worth $115 million.

Remind me again why the US preaches to other countries that their financial dealings need to be ethical and aboveboard when we have a financial system populated by the likes of Dreier, Madoff, and of course the tens of thousands of greedy pigs who created the subprime bubble which has now directly led to a recession.